GreenGo Energy partners with Hydro Rein on solar PV portfolio in Sweden
GreenGo Energy has executed a new partnership agreement with Hydro Rein concerning utility scale solar development in Sweden. The first projects have already been transferred to Hydro Rein, and the partners target an ambitious portfolio growth over the next years.
The Swedish government has set out a clear target; 100% of its growing electricity needs to be generated by renewable sources by 2040. Solar PV is well positioned to be a core pillar in this transformation due to its complementary nature to wind energy.
First Solar Projects Acquired
The first two solar projects have already been transferred, giving Hydro Rein 100% ownership of the projects. GreenGo Energy will be responsible for developing the projects, while Hydro Rein will take lead on contractual setup, and all services related to the projects, including structuring, route to market, construction, and operations.
The two projects have a total estimated capacity of 118 MW with an estimated total annual production is 143 GWh. Development is currently ongoing and interconnection request to the grid company for the projects have been filed.
Karsten Nielsen, CEO of GreenGo Energy comments: “This marks our first partnership agreement in the Swedish market, where we are rapidly expanding our footprint in an effort support the Swedish transition to 100% renewable energy. With Hydro’s financial strength, experience in renewable investments and strong industrial presence in the Nordic power market we together have a great and scalable platform.”
Olivier Giradot, CEO of Hydro Rein comments: ”We are proud to announce our first solar investment in Sweden together with our partner GreenGo Energy. This is another step towards diversifying Hydro Rein’s Nordic portfolio, both geographically and technologically. We already have a significant pipeline of wind projects in Sweden, and with new green industrial development planned in the region we see great potential for combining wind and solar to decarbonize Swedish industry.”
Nordic Expansion
This 2nd agreement between the parties marks a natural expansion of the already established partnership in Denmark. In December 2022, Hydro Rein with Commerz Real announced a partnership in GreenGo Energy to develop solar projects in Denmark with a total ambition of 1GW.
Hydro Rein and GreenGo Energy have a common ambition to continue further expansion in the future, where the partners can leverage complementary capabilities and strong presence in the Nordic renewables market.
About Hydro Rein
Hydro Rein is a leading provider of renewable energy solutions to industrials, fully owned by the global renewable energy and aluminium company Hydro. Hydro Rein has a diversified portfolio of 16 projects under development in core markets in the Nordics and Brazil. The company has an ambition of 3 GW in construction or operation (gross) by 2026, leveraging on a unique customer offering and Hydro’s century-long track record in building industries that matter.
Hydro Rein is a wholly owned subsidiary of the aluminium and renewable energy company Norsk Hydro, in which the Norwegian government also holds a stake of about one third. The company has already been active in the field of hydroelectric power for more than one hundred years.
About GreenGo Energy
GreenGo Energy was founded in 2011 with the vision to accelerate conversion to renewable energy generation, by an innovative and scalable business model. GreenGo Energy’s 360 degree full services platform includes origination, investment structuring, development, offtake, EPC management and asset management services, fully tailored and bespoke to our client’s needs and investment profile.
GreenGo Energy has 19 GW of solar, wind and P2X projects in various stages of development and construction in seven U.S. states and in Northern Europe, of which more than 4GW has been contracted through partnership agreements with Tier 1 investors in the renewable space.